Quarterly ResultJul 16, 2026, 04:17 PM
Independent Bank Q2 Net Income $81.8M, EPS $1.70; Repurchases $75M
AI Summary
Independent Bank Corp. reported a net income of $81.8 million, or $1.70 per diluted share, for the second quarter of 2026, an increase from $79.9 million, or $1.63 per diluted share, in the prior quarter. The company repurchased approximately 964,000 shares for $75.0 million during the quarter. Deposits grew by 1.5% to $20.4 billion, while total loans saw a slight decrease of 0.2% to $18.4 billion. Wealth management assets under administration increased to $9.5 billion, reflecting strong execution on strategic priorities.
Key Highlights
- Net income for Q2 2026 was $81.8 million, up from $79.9 million in Q1 2026.
- Diluted EPS for Q2 2026 was $1.70, compared to $1.63 in Q1 2026.
- The company repurchased 964,000 shares for $75.0 million during Q2 2026.
- Total deposits increased by $294.6 million (1.5%) to $20.4 billion.
- Total loans decreased by $31.2 million (0.2%) to $18.4 billion.
- Commercial and industrial loans grew by $79.4 million (1.7%).
- Wealth management assets under administration rose to $9.5 billion.
- Net charge-offs decreased to $0.9 million from $4.8 million in the prior quarter.
Price Impact
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